US Plains HRW Wheat-Basis steady as wheat protein premiums mixed

CHICAGO, March 27 (Reuters) - Basis bids for hard red winter (HRW) wheat were unchanged in a spot check of locations in the southern U.S. Plains on Friday.

• Protein premiums for railcar wheat to and through Kansas City fell 7 cents a bushel for wheat with 11.00 and 11.40 percent protein; were 11 cents lower per bushel for wheat with 11.60 to 12.40 percent protein; and fell 1 cent per bushel for wheat with 12.60 to 12.80 percent protein.

• Protein premiums rose 4 cents per bushel for wheat with 13.00 percent protein, were up 1 cent per bushel for wheat with 13.20 percent protein, and were unchanged for other grades. KCBT/SCA

• Dry conditions in the U.S. Plains, particularly in Nebraska, are expanding ahead of planting season and current drought maps are similar to those seen at this time of year in 2012, one of the most severe drought years in U.S. history. Traders noted weather conditions can quickly change and rain is forecast for the eastern Corn Belt going into next week.

• However, some market analysts say if drought conditions do continue, problems could emerge related to irrigation and government-mandated restrictions on water use in some of these areas. Reduced access to irrigation water can impact crop yields.

• K.C. May hard red winter wheat KWK26 settled up 6 cents at $6.32-3/4 a bushel on Friday.

Basis values are quoted against futures in cts/bu:

NOTES:

H = March, K = May, N = July, U = September

Z = December; UNQ = Unquoted bids

0 = Spot Option price; NC = No comparison

= No. 1 12% hard winter wheat, rail bids

= Ordinary protein, rail bids

LINKS:

K.C. HRW wheat protein scales KCBT/SCA

U.S. weekly wheat crop progress US/WHE

U.S. forward basis WHEAT/BASIS

U.S. Midwest cash grain PM GRA/PM

U.S. FOB Gulf Grain GRA/F